Workers who pursue an education directly increase their
A) financial capital.
B) physical capital.
C) human capital.
D) saving.
C
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________ the owners of the factors of production, while ________ what amounts of those factors to hire
A) Households are; firms determine B) Households are; the government determines C) The government is; firms determine D) Firms are; households determine E) Firms are; the government determines
What gives a demand deposit value?
A) The belief others will readily accept the demand deposit in exchange for valuable goods B) The currency the bank holds as reserves C) The guarantees the government provides D) The gold backing the deposits E) In God we trust.
Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse. Why would overfishing occur in this common market?
A) Fishing occurs until marginal cost per boat equals marginal social benefit which is inefficient. B) Fishing occurs until marginal social cost per boat equals marginal social benefit which is inefficient. C) Fishing occurs until marginal cost per boat equals marginal benefit which is inefficient. D) Fishing occurs until marginal social cost per boat equals marginal cost which is inefficient.
What is the primary difference between the substitution and the income effect of a price change?
A) The substitution effect holds income constant and the income effect holds utility constant. B) The substitution effect is always positive and the income effect is always negative. C) The substitution effect holds utility constant and the income effect holds prices constant. D) The substitution effect is always negative and the income effect is always positive.